Founder of K-Pop Label YG Entertainment Resigns, Here's Why
The management agency has been shaken recently by numerous scandals.
Yang Hyun-suk, founder of YG Entertainment has officially resigned from his role as CEO and chief producer as numerous artists have become involved in high-profile scandals. According to Billboard, Hyun-Suk originally founded the Korean company in 1996 and has since been responsible for the success of K-pop groups including BLACKPINK, Big Bang, 2NE1 and iKON.
B.I, the leader of the boyband iKON, recently announced his departure from the group after news surfaced about an alleged attempt to solicit drugs back in 2016. Back in March, a scandal hit the company when former Big Bang band member Seungri, co-founder of Yuri Holdings was reportedly said to be involved in “sex services” among other findings.
In an official statement shared on YG’s website, Yang shared more on his resignation:
“I’ve dedicated the past 23 years of my life to YG Entertainment. It brought me great happiness to support the best music and the best artists. I thought of it as the only thing I could offer fans and society. However, from today I will step away from all of my roles and work at YG.”
The New York Times reports that as scandals have hit the company, its stocks have slumped. In addition to Yang stepping down as a top shareholder, his brother Yang Min-suk, the company’s chief executive, has also stepped down.